500

In September 2013, the FCA became concerned about the provision of professional indemnity insurance for 500 professional services firms.

It secured the agreement of three firms to vary their permissions to ensure that clients were advised of the concerns and that premiums received from clients were appropriately segregated and safeguarded.

FCA director of supervision Clive Adamson said in March the availability and appropriateness of PII cover for advisers was an issue on the regulator’s radar.

In other cases, firms agreed to make board changes, carry out customer redress exercises, change their approach to complaints handling, stop selling certain products, not publish or broadcast particular advertisements, cancel their authorisation or prepare a skilled persons report.

21

Over 2013-2014 the FCA intervened early in 21 cases where it identified a risk of harm to consumers.

Early intervention is a key part of what changed when the regulator switched from being the Financial Services Authority (FSA) to the FCA.

It means getting involved sooner than in the course of an ordinary disciplinary investigation. This might involve formal action, but it is more likely – in the interests of getting a good consumer outcome quickly and efficiently – to involve a voluntary agreement with the firm.

Four of these early interventions involved anti-money laundering at banks.

£425m

In 2013-2014 the FCA imposed 46 fines totalling £425m, five public censures and 26 bans.

In March, it fined Santander UK a total of £12.4m for what it said were “widespread” investment advice failings.

It also took action against firms and individuals operating a variety of unlawful schemes, such as boiler room frauds, land banking scams, and other ‘get rich quick’ investment schemes.

This has included freezing assets, closing down unlawful schemes and pursuing civil and criminal action in appropriate cases.

295

The number of consumer warnings the FCA issued – of which half were about suspected boiler room scams. The regulator also raised around 136 consumer alerts during the year.

4

The number of criminal convictions the FCA secured in 2013-2014. These were against Michael Lewis, Gary Hexley and John Cooper – who, among other offences, gave financial advice without being authorised to do so, and Benjamin Wilson for defrauding investors of over £21m, after pleading guilty to fraud, forgery and operating a collective investment scheme without authorisation.

61

How many websites promoting suspected boiler room scams the FCA got removed.

24

The number of firms that made up 96% of complaints about the sale of payment protection insurance (PPI). By the end of March, the total amount paid out since January 2011 was £14.3bn.

£11.8m

The redress paid to consumers by April 2014 following the industry wide Arch Cru review. The full total estimated to be paid is £31.8m.